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today, banks turning banks upside-down, the ins and outs of the new rule named after fed chairman paul volcker. double or ruled in effect. another big story today would be the glass ceiling shattered in the auto sector.f general motor and what she may bring to the table. more snow this winter, these cold snaps have an economic impact especially in the heartland. details coming up and the handshake that has managed to make headlines this morning. could this moment between president obama and the leader of cuba lead to something bigger in economic relations between the two countries? we will talk about that and more as we get going on markets now. ♪ good to have you with us on markets now and we have a lot coming up. we have big issues in a few minutes, we start with stocks and the markets pulling back a little bit from record highs that were set yesterday hanging above 16,000 on the dow. nicole petallides on the floor of the stock exchange. nicole: the dow jones industrials pulling back, 16,008 holding at 16,000 mark to the s&p holding 18 under market, a record close for the s&p 500, down two
today, banks turning banks upside-down, the ins and outs of the new rule named after fed chairman paul volcker. double or ruled in effect. another big story today would be the glass ceiling shattered in the auto sector.f general motor and what she may bring to the table. more snow this winter, these cold snaps have an economic impact especially in the heartland. details coming up and the handshake that has managed to make headlines this morning. could this moment between president obama and the...
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Dec 10, 2013
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of course as gary noted we're hopefully on the verge of seeing the volcker rule completed. but as we know there's more work to do to make our financial system safer and more secure. this work includes finishing the final pieces of dodd-frank implementation. harmonizing international reform so there are risks abroad don't pose threets here. creating strong protection from the money market fund industry and moving forward on bipartisan basis with significant housing finance reform to attract more private capital into the market. nevertheless as we get this done the job of maintaining safe financial system will continue. an ongoing effort by its very nature is never finished. we'll have to keep up the tough supervision and oversight. work aggressively to identify and monitor emerging risks and when necessary take decisive action. for today's meeting we have two topics for discussion. we'll start with the very important topic of cybersecurity. it is a question of how the public and private sectors are working together to combat cyberthreats. and as this council highlighted in o
of course as gary noted we're hopefully on the verge of seeing the volcker rule completed. but as we know there's more work to do to make our financial system safer and more secure. this work includes finishing the final pieces of dodd-frank implementation. harmonizing international reform so there are risks abroad don't pose threets here. creating strong protection from the money market fund industry and moving forward on bipartisan basis with significant housing finance reform to attract more...
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given regulatory environment, the volcker rule coming down, not totally down but looks like it is almost done. will curtail proprietary trading, using their own ideas to trade in the market. they can take risks in trading, this is where they make their money, only based on a customer trade so more of like a middleman. here is the problem they have. they're not as big as jpmorgan. we beat up on jpmorgan all the time. everybody going after them. here is reality of jpmorgan, because it is a huge bank and so many customers, guess what? it is middleman on some different trades. all it has to do is act as an agent as opposed to a principal. lori: interesting, talking about the question of recruitment, curious what you're hearing from headhunters around people in general, are folks going, talent going to wall street or going to private firms? you have the sac story and jpmorgan story around goldman story. >> if you're smart kid, good at math, you go into tech. lori: or research. >> that is one of the sort of interesting things. wall street is not attracting. there are always people who want to
given regulatory environment, the volcker rule coming down, not totally down but looks like it is almost done. will curtail proprietary trading, using their own ideas to trade in the market. they can take risks in trading, this is where they make their money, only based on a customer trade so more of like a middleman. here is the problem they have. they're not as big as jpmorgan. we beat up on jpmorgan all the time. everybody going after them. here is reality of jpmorgan, because it is a huge...
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Dec 5, 2013
12/13
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that was not the intended goal of the volcker rule. so you have regulators that have lobbied aggressively trying to discern exactly how to write this language and protect those businesses without undoing the goal of the original rule which was to prevent against more risk in the system. been leading the push to write the toughest language possible notable because he is the former goldman sachs executive. on final rule up for vote tuesday. banks to showe that they are hedging a specific risk. not their entire portfolio. the speech on regulation here in washington signaling. risky proprietary trading while protecting economically essential activities like market making. the rule prohibits risky trading that like the london whale with mitigating hedges. it puts in place strong compliance requirements in charge of financial institutions to make sure that the tone at the top sends the right signal to the whole firm. >> the reference to the london whale significant because it was trying a portfolio hedge. the bottom line is that it will not
that was not the intended goal of the volcker rule. so you have regulators that have lobbied aggressively trying to discern exactly how to write this language and protect those businesses without undoing the goal of the original rule which was to prevent against more risk in the system. been leading the push to write the toughest language possible notable because he is the former goldman sachs executive. on final rule up for vote tuesday. banks to showe that they are hedging a specific risk....
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Dec 10, 2013
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stuart: just happening now, the sec has voted unanimously to impose the volcker rule. fdic has voted unanimously to put in place the volcker rule which would have placed severe restrictions on trading by investment banks and the big banks. by the way, goldman sachs at a new high today in part on that news. starbucks and nicole. the stock is down big, but can you tell me why? nicole: i was reading a note from my analyst looks into starbucks and the like, sales are slow, they have had two great quarters, but that's now sales momentum may slow and with that the stoc stock dropped. i am a big fan, gol gold card hr from 2008. i was one of the first ones to actually get that. and you have to earn it, you don't just to get it. stuart: thank you. charles is here to make us money. nicole: hardware stuff, transmissions, the microwave, radio frequency microwave. i don't want to sound too crazy, just picture a word that is simple. one of these companies yesterday up in their buyback, the street like that, a string of earnings, almost beat every single time and just one of these pe
stuart: just happening now, the sec has voted unanimously to impose the volcker rule. fdic has voted unanimously to put in place the volcker rule which would have placed severe restrictions on trading by investment banks and the big banks. by the way, goldman sachs at a new high today in part on that news. starbucks and nicole. the stock is down big, but can you tell me why? nicole: i was reading a note from my analyst looks into starbucks and the like, sales are slow, they have had two great...
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Dec 13, 2013
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also, roger altman on the vocal rule onon the volcker wall street. >> david ortiz are the got d.h. of the year, what else does he want? this is "bloomberg surveillance." i'm here with stephanie ruhle and tom keene. news get you some company now from the files of bloomberg west. instagram taking on snap chat with the private messaging service. it will allow users to send photos and videos directly to as many as 15 friends who can and, down the privately. facebook is adding apps to fend off competition from twitter. meantime, calpers is saying that icon is trying to come in and "disgorge cash." multi- is close to a a $4on-dollar deal -- billion agreement that will end next year. that is the end of company news from the files of bloomberg west. i know so many people who after she the only because of that. >> is the real value in programming. some of the networks are buying local stations. they're not looking to put on local news, they're looking to put on local sports. two member and guggenheim and company bought the dodgers? two and half billion dollars, they look like champions of y
also, roger altman on the vocal rule onon the volcker wall street. >> david ortiz are the got d.h. of the year, what else does he want? this is "bloomberg surveillance." i'm here with stephanie ruhle and tom keene. news get you some company now from the files of bloomberg west. instagram taking on snap chat with the private messaging service. it will allow users to send photos and videos directly to as many as 15 friends who can and, down the privately. facebook is adding apps...
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Dec 11, 2013
12/13
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. >>> use regulators have backed the volcker rule as part of a set of regulations that will dramatically curb the way they do business. the vote comes as eurozone finance ministers edge closer to a deal on a banking union. yesterday they managed to hash out a draft plan. the draft compromise talked about how the cost of such a scheme could be equally shared among states. the details of this agreement are due to be discussed next week. joining us with his thoughts, the fund manager of the opportunities fund at asset management, still with us is robert quinn from s&p capital iq. good to see you. i'm not sure whether we're working otherwise towards the common resolution fund or not. clearly, the germans don't want that. it appears failing banks will be dealt with first on a national level and then we sort of see where we go after that. but how important is progress on a banking union to confidence from banks from an investor point of view? >> i think it's important to set the standard, to bring some credibility to a market that is still fearing about the potential blowup somewhere within th
. >>> use regulators have backed the volcker rule as part of a set of regulations that will dramatically curb the way they do business. the vote comes as eurozone finance ministers edge closer to a deal on a banking union. yesterday they managed to hash out a draft plan. the draft compromise talked about how the cost of such a scheme could be equally shared among states. the details of this agreement are due to be discussed next week. joining us with his thoughts, the fund manager of...
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the volcker rule expected to be adopted today. will restrict banks' ability to use their own money to some say make bet, some say invest. that will be severely limited. expect it to be a little more thorough and intense than previously thought. this one i wanted to point out, let's go to the market, one of the high-flying stock, you would know this, harold, lululemon. >> is that the company where the guy said we don't make pants for women with wide thighs? >> yeah. that's right. >> is that that guy? >> that's him, the chairman. he's going the give up his role as chairman. they re-called the pants back in march. you're right. chip wilson forced to apologize when he explained, as mika pointed out, why the pants were too sheer, because, quite frankly, some women's bodies just actually don't work with the pants. >> i'm sad, i'm really sad. i'm sad for the repercussions of my actions. i'm sad for the people of lululemon who i care so much about that have really had to face the brunt of my actions. i take responsibility for all that has
the volcker rule expected to be adopted today. will restrict banks' ability to use their own money to some say make bet, some say invest. that will be severely limited. expect it to be a little more thorough and intense than previously thought. this one i wanted to point out, let's go to the market, one of the high-flying stock, you would know this, harold, lululemon. >> is that the company where the guy said we don't make pants for women with wide thighs? >> yeah. that's right....
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Dec 31, 2013
12/13
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wall street's war on the volcker rule is actually heating up. after the lawsuit was filed by the american bankers association, regulators now considering dropping a provision of the rule that could force banks to sell off their investment. it says it could take a while to get through, more than the annual earnings, and if that provision actually is implemented, that is what they will have. we'll regulators stand firm, given to what is demands by wall street bankers? let's bring in the professor of economics. we have been debating this going on three years now, coming out and filing a lawsuit, they are not giving up. do you wonder if the volcker rule will be diminished piece by piece by piece? >> i don't think so. this particular thing they are suing over is not really at the center of the volcker rule. the center is proprietary trading. this isn't even on the outskirts of the volcker rule, it is on the outskirts of the outskirts. it is about this hybrid sort of hybrid security that some banks issued, it is capital for regulatory purposes. cheryl
wall street's war on the volcker rule is actually heating up. after the lawsuit was filed by the american bankers association, regulators now considering dropping a provision of the rule that could force banks to sell off their investment. it says it could take a while to get through, more than the annual earnings, and if that provision actually is implemented, that is what they will have. we'll regulators stand firm, given to what is demands by wall street bankers? let's bring in the professor...
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Dec 10, 2013
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among the most controversial: the volcker rule. named for the former fed chairman. >> all in favor, say aye. >> aye! >> brown: its final approval today by five regulatory agencies signals a major shift in practices banks can undertake, and their oversight. in an effort to prevent excessively risky bets like last year's so-called "london whale" trades, which led to $6 billion in losses for j.p. morgan chase, the rule bans so-called proprietary trading, when banks trade with their own money for a profit. banks are still allowed to buy and sell investments for their own clients, known as market making. they'll also be allowed to hedge those bets against potential losses. but deciding when a "hedge" crosses into dangerous territory will test regulators and bank officials. fed chairman ben bernanke spoke before voting in favor of the rule today. >> i note, though, the ultimate effectiveness of the rule will depend importantly on supervisors who need to find appropriate balance while providing feedback to the board on how the rule works
among the most controversial: the volcker rule. named for the former fed chairman. >> all in favor, say aye. >> aye! >> brown: its final approval today by five regulatory agencies signals a major shift in practices banks can undertake, and their oversight. in an effort to prevent excessively risky bets like last year's so-called "london whale" trades, which led to $6 billion in losses for j.p. morgan chase, the rule bans so-called proprietary trading, when banks...
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Dec 15, 2013
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. >> before we get back to hedge funds, what do you make of the volcker rule? will it change the tone in any way? >> our clients are not talking about it. this is a wall street phenomenon. i think that probably, if history is our guide, they will over regulate and make adjustments over time. the concept of the volcker rule is good for markets. >> you feel like you promote stability? things cannot go out on the ledge and take unnecessary risks. >> i think that makes it more stable. we have to make sure that the banks and big institutions do not trade against clients. it is one thing to provide liquidity and it is another to trade against clients. perhaps before the regulation came in, we had gotten too carried away. >> the banks well known to have done them. you mentioned hedge funds. where specifically do you e opportunities in the new year? >> i think that certain hedge funds provide great risk and return opportunities. we like japan. it has been one of our best positions. it has turned out exceptionally well. but it is early in the game. it is the third or fo
. >> before we get back to hedge funds, what do you make of the volcker rule? will it change the tone in any way? >> our clients are not talking about it. this is a wall street phenomenon. i think that probably, if history is our guide, they will over regulate and make adjustments over time. the concept of the volcker rule is good for markets. >> you feel like you promote stability? things cannot go out on the ledge and take unnecessary risks. >> i think that makes it...
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yesterday the people want to huge victory against big banks and the bank regulators signed off on the volcker rule a measure that would prohibit commercial banks from engaging in proprietary trading what this means in layman's terms about banks can no longer use people's deposits for many types of risky investments which in part is what's led us to the two thousand and eight financial collapse but don't pop the champagne bottles just yet as we can expect a government sponsored by wall street to not sweep the deal with some nice perks for the banks turds see under the volcker rule banks will still be able to hide behind something called market making which is when a bank buys and sells securities like stocks and bonds on behalf of clients the rule as it's written now leaves an enormous gray area in determining what is proprietary trading and what's market market making rather furthermore one of the most egregious parts of the law makes banks managers themselves responsible for testing but their banks are complying with the rules absolutely genius because banks policing themselves worked out so
yesterday the people want to huge victory against big banks and the bank regulators signed off on the volcker rule a measure that would prohibit commercial banks from engaging in proprietary trading what this means in layman's terms about banks can no longer use people's deposits for many types of risky investments which in part is what's led us to the two thousand and eight financial collapse but don't pop the champagne bottles just yet as we can expect a government sponsored by wall street to...
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five years after the financial crisis federal regulators approve what is known as the volcker rule. the 953 page rule won't take effect until 2015. on wall street 'tis the season for bonuses. they are expected to rise by as much as. %, but it isn't the usual suspects, al jazeera has the story. ranges from the thousands to the many millions they can comprise up to 80% of wall street packages. this season, payouts are expected to rise for the second year running but the spoils won't be shared equally. a deal means bonus for investment -- who advice firms are expected to be five to 10% lower than last year. >> the fixed income, they guessed it wrong, with the tapering of the fed and so forth. so they were on the wrong side of those trades. allen johnson produces a slowly watched survey. according to him, low risk steady income generators like mutual fund are this year's bonus winners and should enjoy a ten to 15% butch on the heels of soaring stock prices. historically, the big banks -- we have seen a change. mutual funds and other things are paid at least as well if not more and that
five years after the financial crisis federal regulators approve what is known as the volcker rule. the 953 page rule won't take effect until 2015. on wall street 'tis the season for bonuses. they are expected to rise by as much as. %, but it isn't the usual suspects, al jazeera has the story. ranges from the thousands to the many millions they can comprise up to 80% of wall street packages. this season, payouts are expected to rise for the second year running but the spoils won't be shared...
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Dec 11, 2013
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the volker rule approved by none other than paul volcker. wall street veteran joins us to assess what we can expect. and the battle over the senate next year. for did democts versus republicans. we have a far more interesting contest shaping up. the grand old party establishment and the tea party. we take it all up in tonight's "chalk talk" with the "a-team." all of that and much more straight ahead. stay with us. ♪ lou: he was supposed to be the vote to stop obamaca. no one state wants to colct and to help repeal it. former senator scott brown on the draft s brown movement ♪ [ ma announcer ] they are a glowing example of what it means to t best. and at this special time of year, they shine even brighter. come to the winter event and get the merces-benz y've always wished for, now for an exceptional price. [ santa ] ho, ho, ho, ho! [ male announcer ] lease e 2014 e350 for $579 a month at your local mercedes-benz dealer. ♪ lou: senate docrats taking advantage of majority leader harry reid decision last month to invoke the so-called nucl
the volker rule approved by none other than paul volcker. wall street veteran joins us to assess what we can expect. and the battle over the senate next year. for did democts versus republicans. we have a far more interesting contest shaping up. the grand old party establishment and the tea party. we take it all up in tonight's "chalk talk" with the "a-team." all of that and much more straight ahead. stay with us. ♪ lou: he was supposed to be the vote to stop obamaca. no...
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Dec 24, 2013
12/13
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KRON
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volcker who was one of the major leaders of the project who passed away a few years ago. my hopes for the toys. everyone loves this. this is the 13th year. you can donate money as well. if you cannot leave your house, the luxor cab company. it was when firehouse pick up the toys and drop it off. 9 08 is the time. we will continue with our news of all the developing story on this christmas eve morning. this last day that packages can be delivered through christmas. we wish you why you should be on extra alert and we're keeping our eye on the stick as the cleanup continues this morning after the big last-minute win last night. here is a shame for something have to look out for a christmas eve but petaluma police are warning people to watch out for the thieves were stealing packages right off of front porches and taking items from cars. several recent threats and that just thefts have happened and the reason part of petaluma. lot of their cars and make for a short you are aware of your surroundings. it is another spare the air day. the aren't supposed to do any wood burning
volcker who was one of the major leaders of the project who passed away a few years ago. my hopes for the toys. everyone loves this. this is the 13th year. you can donate money as well. if you cannot leave your house, the luxor cab company. it was when firehouse pick up the toys and drop it off. 9 08 is the time. we will continue with our news of all the developing story on this christmas eve morning. this last day that packages can be delivered through christmas. we wish you why you should be...
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we will break down the final version of the volcker rule coming up. and that's the end of the road for the volkswagen minibus. they are going to stop making it altogether because of new safety and environmental regulations. there is a beautiful old one. it has been on the road since 1950. ♪ >> in wall street, this is a big day for the volcker rule, the one with a bunch of new regulations meant to ban proprietary trading at big banks. that means they cannot trade money that does not help the clients. fed chair ben bernanke says the volcker rule will limit risk- taking. it has been many years in the making. >> i don't think they should make it all that complicated. why are we sitting here three years later? >> where do we stand now, and what exactly is this? >> it does ban proprietary trading for banks on wall street, trading off their own accounts, trying to profit off their own accounts. it also bans them from participating with some limitations and hedge funds and private equity funds. the language is very important. it is tougher on the hedging si
we will break down the final version of the volcker rule coming up. and that's the end of the road for the volkswagen minibus. they are going to stop making it altogether because of new safety and environmental regulations. there is a beautiful old one. it has been on the road since 1950. ♪ >> in wall street, this is a big day for the volcker rule, the one with a bunch of new regulations meant to ban proprietary trading at big banks. that means they cannot trade money that does not help...
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adam: approving the volcker rule today. we are waiting on votes to officially accept the addition of restrictions on banks following the financial crisis. joining us now to discuss this in an exclusive interview with a former drafter of the volcker rule, a partner in washington, d.c. and i should point out you were on the initial committee that wrote the initial version of it, but you left in 2010, 11, and what got voted on today was not what you actually would have been in favor of, correct? >> first, thanks for having me. what i worked on was initial statutory language, which was a page and a half long. adam: and now it is 900 pages. explain to me, somebody who is not a lawyer, what this means for the average guy on the street. and m i protected as a u.s. taxpayer from what had been a concern of mr. volcker from banks gamble and with money because they could be bailed out by us? >> first of all all banks engage in taking risks. so you will never eliminate risk from the system. the idea there will never be too big to fail
adam: approving the volcker rule today. we are waiting on votes to officially accept the addition of restrictions on banks following the financial crisis. joining us now to discuss this in an exclusive interview with a former drafter of the volcker rule, a partner in washington, d.c. and i should point out you were on the initial committee that wrote the initial version of it, but you left in 2010, 11, and what got voted on today was not what you actually would have been in favor of, correct?...
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Dec 16, 2013
12/13
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larry, you want to give it to paul volcker, but in all fairness you worked with paul volcker so maybe you have an inside track on that. >> perhaps i do and i just saw him. look, i've been watching the fed or working at the fed since the middle 1970s. paul volcker is the greatest chairman in the history of the federal reserve board. he faced 15 to 20% inflation okay which was destroying our economy and the rest of the world's economy. i believe that was the greatest crisis of all. he conquered it. he conquered it and did it the old-fashioned way. he removed money supply, raised interest rates and was successful and frankly that set the tone to 25 years of prose peerty. >> elan, weigh in on that. do you agree or give the nod to mr. greenspan or bernanke. >> one thing that is forgotten about paul volcker how much political and public opposition he faced to his policies at the time. you got to remember, there were farmers actually blocking the front entrance of the federal reserve at the time with their tractors to protest the interest rate increases. so the level of public outcry at the
larry, you want to give it to paul volcker, but in all fairness you worked with paul volcker so maybe you have an inside track on that. >> perhaps i do and i just saw him. look, i've been watching the fed or working at the fed since the middle 1970s. paul volcker is the greatest chairman in the history of the federal reserve board. he faced 15 to 20% inflation okay which was destroying our economy and the rest of the world's economy. i believe that was the greatest crisis of all. he...
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Dec 10, 2013
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it's been a long awaited volcker rule. it bans proprietary trading by banks but there are several major exemptions. just the preamble to this rule was more than 800 pages. this morning in a briefing given to reporters by staffers from this major agency. let me walk you through the five exemptions. they are fairly complicated. first of all, underwriting. positions must not exceed what regulators are calling reasonably expected demands of customers. there's an exemption for market making in here. the trading desk inventory may not exceed, again, reasonably expected demands of customers. there's that phrase again. risk-mitigated hedging, an exemption under the volcker rule. bankers will be required to turn over their rationale to regulators. if you're going to hedge as a bank you have to explain why and what it is you're hedging. and trading in government obligations will be allowed, u.s., state and muni debt and some certain trading activities of foreign banking entities. foreign entities generally will be allowed to trade a
it's been a long awaited volcker rule. it bans proprietary trading by banks but there are several major exemptions. just the preamble to this rule was more than 800 pages. this morning in a briefing given to reporters by staffers from this major agency. let me walk you through the five exemptions. they are fairly complicated. first of all, underwriting. positions must not exceed what regulators are calling reasonably expected demands of customers. there's an exemption for market making in here....
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Dec 10, 2013
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wall street is front and center with the volcker rule. >> my agenda is definitely the volcker rule. it was meant to be voted on today, but the snow you just saw, for those of you on radio, it is coming down heavily in d.c. stilld, fdic, and occ plan to meet and vote on the rule that bans banks from crosstraining. at rule will be released 9:30 a.m. we hope to risk -- to see the results an hour after that. i know you hate the rule, but how do banks make money? >> they may have to go back to the future. if the economy improves, investment banking is going to get stronger. do --raining that they the trading that he do for their clients, which is always a fine a $2-- when you buy billion portfolio for your client and then you hold it on your balance sheet, is that a proprietary trade, when does it become a proprietary trade? they will be doing a lot of that. it will be doing a lot of management. wall street will figure out a way to make money once they figure out the rules. in 2014, are we going to get back to where the bankers, globally, have skin in the game? >> no, we're not. >> we ar
wall street is front and center with the volcker rule. >> my agenda is definitely the volcker rule. it was meant to be voted on today, but the snow you just saw, for those of you on radio, it is coming down heavily in d.c. stilld, fdic, and occ plan to meet and vote on the rule that bans banks from crosstraining. at rule will be released 9:30 a.m. we hope to risk -- to see the results an hour after that. i know you hate the rule, but how do banks make money? >> they may have to go...
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Dec 10, 2013
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just moments ago, volcker himself praised the rule. we're going to tell you what the rule is, what it left out and how financial stocks are reacting during this last hour of trading. also another relic from the financial crisis, general motors getting a new chief executive. it is a first for detroit. mary berra is the first woman to run a major auto company, just one day after the u.s. treasury announced it had sold its last shares of gm stock, ending its partial own ownership since the 2009 bailout. this stock up about 93% over the last two years. there you go. and speaking of a historic first, will the newly-approved volcker rule hurt the large banks, or will it propel them forward? let's go to nicole petallides on the floor of the new york stock exchange to see how financials are reacting. we knew that the rule was coming. banks expecting it, but still, the question now is now what for these big names. >> reporter: now what. that's absolutely right. and we're seeing dow component today goldman sachs, for example, hitting a new 52-we
just moments ago, volcker himself praised the rule. we're going to tell you what the rule is, what it left out and how financial stocks are reacting during this last hour of trading. also another relic from the financial crisis, general motors getting a new chief executive. it is a first for detroit. mary berra is the first woman to run a major auto company, just one day after the u.s. treasury announced it had sold its last shares of gm stock, ending its partial own ownership since the 2009...
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the volcker rule is not a game-changer for morgan stanley. so i can't say i've gone through the new volcker rule, all of the details. i'm not sure exactly what's in there. having said that, i'm not the least bit worried about morgan stanley hasn't adjusted. in their fixed income trading business, morgan stanley's risk is one-fourth what it used to be at the time of the crisis. the assets in that area are one-third less, and the revenues as a percent of total are one-half less. so they've already downsized and contained their fixed income trading. they've gotten rid of the proprietary-like activities, so as it relates to morgan stanley, perhaps the rid of the uncertainty to getting the final volcker rule can still be a positive catalyst. so i still like morgan stanley as much as any time, and if anything, i mean, retail investors are a little more engaged. the stock market is a little higher. and don't forget that this evolution of morgan stanley, one-half of the company is in wealth management, in the brokerage business, and they're still tra
the volcker rule is not a game-changer for morgan stanley. so i can't say i've gone through the new volcker rule, all of the details. i'm not sure exactly what's in there. having said that, i'm not the least bit worried about morgan stanley hasn't adjusted. in their fixed income trading business, morgan stanley's risk is one-fourth what it used to be at the time of the crisis. the assets in that area are one-third less, and the revenues as a percent of total are one-half less. so they've...
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the buzzword is volcker rule. there are headlines, saying volcker rule will put in place tough restrictions on pressing the eu and asia to match financial oversight. >> i would point out, 8:30 a.m. 'sis morning, president draghi press conference at the ecb is a big deal. let's get to company news. >> we start with a setback for bitcoin in china. findountry's central-bank -- banning financial firms from handling bitcoin transactions. it says bitcoin lacks real meaning and does not have the same legal status as other countries. those and china can use the currency as long as individual take on the risk themselves. china mobile moves a step closer to offering the iphone. the world's biggest phone company won state approval for a four g network in the clearing the way for china mobile to eventually offer the iphone in the country. southwest gains from the american airlines-u.s. airways flight-- it will gain slots according to the terms of the antitrust settlement. southwest and virgin are said to pick up 34 daily land
the buzzword is volcker rule. there are headlines, saying volcker rule will put in place tough restrictions on pressing the eu and asia to match financial oversight. >> i would point out, 8:30 a.m. 'sis morning, president draghi press conference at the ecb is a big deal. let's get to company news. >> we start with a setback for bitcoin in china. findountry's central-bank -- banning financial firms from handling bitcoin transactions. it says bitcoin lacks real meaning and does not...
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thank you for being here and now i want to start off by asking you under the volcker rule only three percent of the banks total assets can be invested in hedge funds and private equity funds however you see a problem with this you say it's because of the way that bank employees are paid and they're paid for something that is carried interest can you explain the issue that you have with carried interest so carried interest is basically the way that private equity fund managers get paid in the ideas instead of taking some of their money and investing in the fund as a part of their compensation they actually get to share in the profits of that company so if the company that they're managing does really well they get a chunk of the issues that i have is there's a little bit of a double standard so in the volcker rule that carried interest is not treated as an ownership interest and that three percent limit you mentioned is how much the banks can invest in these funds but that compensation that carried interest doesn't count toward the three percent limit so it's not seen as ownership for
thank you for being here and now i want to start off by asking you under the volcker rule only three percent of the banks total assets can be invested in hedge funds and private equity funds however you see a problem with this you say it's because of the way that bank employees are paid and they're paid for something that is carried interest can you explain the issue that you have with carried interest so carried interest is basically the way that private equity fund managers get paid in the...
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Dec 15, 2013
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and also the volcker rule. and talking about paul ryan's future. we begin the show with the senate majority leader harry reid. thank you for being with us. you do not need another all- night session. does this mark the end of this war that has transpired? >> the trouble has not been over the last few days, but over the past five years. there's never been a situation where the president has been treated the way he has by congress. it is no wonder that people feel the way they do about congress. we have had untoward abstraction on everything. the common nation was after five years, that the recognition was after five years. we change the rules. >> are those permanent? >> it is so important. this way no matter who is president, i do not know how people can complain about the majority. people talk about the filibuster as if it were something that is next to the 10 commandments. the filibuster is not part of the constitution. it was developed to help get legislation passed. it is good for the country. who could complain about majority voting? >> with th
and also the volcker rule. and talking about paul ryan's future. we begin the show with the senate majority leader harry reid. thank you for being with us. you do not need another all- night session. does this mark the end of this war that has transpired? >> the trouble has not been over the last few days, but over the past five years. there's never been a situation where the president has been treated the way he has by congress. it is no wonder that people feel the way they do about...
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Dec 10, 2013
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do you know what paul volcker thinks of the final rule? >> i haven't heard from the chairman but i heard from a lot of people today, consumer organization, some end-users like some of the big energy companies and they all think it's a good thing. they think by and large we've done a good job even though as you say it is complex, it is lengthy but overall they believe that we're kept with the intent of the law and it will avoid the potential calamity that we saw in 2008. david: well, bart, my very simper, one sentence, you're more than welcome to use that if there is a third revision of this rule. you don't have to say the asman rule, you can call it the chilton rule if you like. we want simplicity in our law making process. that is the bottom line. got to leave it at that. wonderful to see you. come back to see us soon. >> appreciate it. david: dave. david: bart chilton, cftc commissioner who today voted in favor of the volcker rule. cheryl, over to you. cheryl: david, business travel is actually booming. coming up in a first on fox busine
do you know what paul volcker thinks of the final rule? >> i haven't heard from the chairman but i heard from a lot of people today, consumer organization, some end-users like some of the big energy companies and they all think it's a good thing. they think by and large we've done a good job even though as you say it is complex, it is lengthy but overall they believe that we're kept with the intent of the law and it will avoid the potential calamity that we saw in 2008. david: well, bart,...
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volcker rule with professor spence. pages, it deserves a lot of scrutiny. >> tom, thank you so much. i am looking forward to surveillance and 20 minutes. coming up, more on the volcker rule. wall street let out a sigh of relief yesterday as it stopped short of some of the strictest bans. we will take stock of what this means for the banking industry next. ♪ >> welcome back. you are watching "the pulse." we are alive form london. off to radio. i am guy johnson. >> i am francine blackwell. -- francine lacqua. let's get you some company news. blackstone is expected to price its hilton hotels ipo later today. it is the biggest hotel ipo on record. foxconn is launching an investment fund to finance wearable technology startups. foxconn is the maker of apple's iphones and ipods but it wants to expand beyond manufacturing as phone sales challenge the company's goals of 15% annual revenue growth. lloyds banking group has been fined 28 billion pounds by the u.k. financial conduct authority. the fine is for serious failing to c
volcker rule with professor spence. pages, it deserves a lot of scrutiny. >> tom, thank you so much. i am looking forward to surveillance and 20 minutes. coming up, more on the volcker rule. wall street let out a sigh of relief yesterday as it stopped short of some of the strictest bans. we will take stock of what this means for the banking industry next. ♪ >> welcome back. you are watching "the pulse." we are alive form london. off to radio. i am guy johnson. >> i...
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bernanke says the volcker rule will limit risk- taking. it has been many years in the making. >> i don't think they should make it all that complicated. why are we sitting here three years later? >> where do we stand now, and what exactly is this? >> it does ban proprietary trading for banks on wall street, trading off their own accounts, trying to profit off their own accounts. it also bans them from participating with some limitations and hedge funds and private equity funds. the language is very important. it is tougher on the hedging side of things, things like the london whale trading that jpmorgan went through. we might know exactly -- we might not know exactly how the rule will impact banks. one analyst is not expect all that much. >> traditional market-making activities will be perfectly allowable. what the fed will ultimately be looking at is defining this as a gray area. they probably will not define market-making specifically. they probably will take a "we know it when we see it" approach and if they see too much beatility, that
bernanke says the volcker rule will limit risk- taking. it has been many years in the making. >> i don't think they should make it all that complicated. why are we sitting here three years later? >> where do we stand now, and what exactly is this? >> it does ban proprietary trading for banks on wall street, trading off their own accounts, trying to profit off their own accounts. it also bans them from participating with some limitations and hedge funds and private equity...
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be back very soon and i'm sure this volcker rule will develop a lot more. coming back that was alexis goldstein communications director of the other ninety eight percent time now for today's big deal. richard kerr is the issue joins me now to talk about striking picket lines etc now we want to deliver by wednesday december twenty fifth well not so fast hundreds of workers at amazon and germany have walked off the job in an effort to pressure the e-commerce leader to settle on a wage disagreement now these are the first strikes against amazon anywhere in the world and today the strikers plan to rally outside amazon's seattle headquarters a top amazon executive in germany said the workers were mostly unskilled and had been unemployed for a long time implying they should be grateful to work at amazon ritual i turn to you in a down economy when employers have so much power like amazon does do workers have much leverage when they go on strike in a place like germany they have significantly more leverage than they do in the united states and that has to do with g
be back very soon and i'm sure this volcker rule will develop a lot more. coming back that was alexis goldstein communications director of the other ninety eight percent time now for today's big deal. richard kerr is the issue joins me now to talk about striking picket lines etc now we want to deliver by wednesday december twenty fifth well not so fast hundreds of workers at amazon and germany have walked off the job in an effort to pressure the e-commerce leader to settle on a wage...
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is clearly portrayed as the hero in your film how do you feel about volcker's latest act of valor the volcker rule coming to fruition this week you know i think we will really know until maybe years from now how the volcker rule works i know he was lobbying for some harder you know rules that i think congress or the lobbies really wanted i think the end result was kind of a draw and i think really you know we'll see what happens in terms of the regulation that comes out of the volcker rule it's really just kind of a start to the process i think you know regulation is such a hard thing to do what i think i think at least the rules a step in the right direction the question is is what comes of it i think we really will know now i want to ask you how you feel about stanley fischer the former head of the bank of israel being named number two at the federal reserve. you know i think as many people have noted he was ben bernanke his advisor at mit so i think to me it's just it's it's what i a little bit worried about is is just more of the same you know i think it in our in our film we high
is clearly portrayed as the hero in your film how do you feel about volcker's latest act of valor the volcker rule coming to fruition this week you know i think we will really know until maybe years from now how the volcker rule works i know he was lobbying for some harder you know rules that i think congress or the lobbies really wanted i think the end result was kind of a draw and i think really you know we'll see what happens in terms of the regulation that comes out of the volcker rule it's...
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are you suggesting that the volcker rule is a good first step? >> i think the volcker rule, the problem with it is that it does it go too far or doesn't it go go far, the problem with it is it's extremely complicated. it's hard to tell if you do it for your client or if you do it for yourself. and if the regulators decide two or three years from now if they're going to be as tough. >> and it looks like the regulators are not going to be tough at all and it's something that is very difficult to enforce. >> i'm not 100% sure that's right. i think the regulators over the past year in the time after the london whale trade of jp morgan, the one that cost them so much money, i think it's the way they're treating banks. i think they're going to be tough. >> look, tie the bonuses tha toe jobs created in the private sector. >> the problem on wall street they say they're about creating jobs but they're about creating money for themselves. >> and trading paper. >> the era when wall street cared about job creation and the rest of the country is long gone. an
are you suggesting that the volcker rule is a good first step? >> i think the volcker rule, the problem with it is that it does it go too far or doesn't it go go far, the problem with it is it's extremely complicated. it's hard to tell if you do it for your client or if you do it for yourself. and if the regulators decide two or three years from now if they're going to be as tough. >> and it looks like the regulators are not going to be tough at all and it's something that is very...
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Dec 10, 2013
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even volcker says he wishes it was simpler. if we get this enacted, are people going to be challenged or will it depend on the on implementation? >> absolutely. first of all, i don't know how hampton was able to summarize in one minute what's in these 800 pages. he did a great job. i would say there's going to be a lot of lawsuits, a lot of speculation on evading it. let's not forget, it doesn't really take effect for another year and a half. >> yeah, which is the key point. i mean, also, deciding how to implement -- it's all very well having, i suppose, something on the statute book. it's then how it gets implemented by the authorities is the key, isn't it? >> sure. you know, what's the meaning of the word is as bill clinton once said. what are the mention of proprietary hedging, trading. there's a lot of wiggle room, i think, in these regulations. so it will be a while before the impact is really felt, but i would agree that longer term this will have a negative impact on bank profits. >> and see whether it opens up the marke
even volcker says he wishes it was simpler. if we get this enacted, are people going to be challenged or will it depend on the on implementation? >> absolutely. first of all, i don't know how hampton was able to summarize in one minute what's in these 800 pages. he did a great job. i would say there's going to be a lot of lawsuits, a lot of speculation on evading it. let's not forget, it doesn't really take effect for another year and a half. >> yeah, which is the key point. i mean,...
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Dec 23, 2013
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secretary, my question is about the volcker rule. like you, i was pleased to see that the regulators final -- finally came out with a rule. i think it's strong and comprehensive. i'm concerned by the exsense for pro pry tear trading with respect the sovereign bonds. frankly, the bonds. the hmm bank brought low by investment in greek debt is probably not just an idea. certainly a possibility in the future. i wonder if you can address the ability under the volcker rule of the banks to invest in securities which could be risky and volatile over time. >> congressman, obviously our initial core concern was the treatment of u.s. treasuries. and issues arose particularly with regard to the impact that the rule would have on banks with relationship with other foreign nationals and their sovereign debt. i believe the way provisions were worked out provides guidelines, you know a path for sovereign debt to be treated appropriately. i am -- i think if you look at the structure of the resume it's clear there is accountability at the level of the
secretary, my question is about the volcker rule. like you, i was pleased to see that the regulators final -- finally came out with a rule. i think it's strong and comprehensive. i'm concerned by the exsense for pro pry tear trading with respect the sovereign bonds. frankly, the bonds. the hmm bank brought low by investment in greek debt is probably not just an idea. certainly a possibility in the future. i wonder if you can address the ability under the volcker rule of the banks to invest in...
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now coming up why law is the volcker verbiage venerated or vilified alexis goldstein joins us to help render a verdict after the break and who does amazon blame for stealing christmas and if not for granted rachel perseus and i discussed the purchase of the first major strike against the mega retailer in today's big deal and as we head to a quick break here's a look at some of the day's closing numbers stick around. i would rather as questions to people in positions of power instead of speaking on their behalf and that's why you can find my show larry king now right here on our t.v. question or. well the british. sometimes. go. out of. their. market why not. why not what's really happening to the global economy with mike stronger or no holds barred look at the global financial headlines tune into cars reports. the best rules in life are to the point and at first the vocal rule seem promising don't let banks gamble with customer money but to no surprise it's much easier said than done now after three years and many many missed lines the vocal rule finally came to fruition last week now
now coming up why law is the volcker verbiage venerated or vilified alexis goldstein joins us to help render a verdict after the break and who does amazon blame for stealing christmas and if not for granted rachel perseus and i discussed the purchase of the first major strike against the mega retailer in today's big deal and as we head to a quick break here's a look at some of the day's closing numbers stick around. i would rather as questions to people in positions of power instead of speaking...
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now coming up why law is the volcker verbiage venerated or vilified alexis goldstein joins us to help render a verdict after the break and who does amazon blame for stealing christmas can't it's not granted rachel curtis and i discussed the first first major strike against the mega retailer in today's big deal and as we had you a quick break here's a look at some of today's closing numbers figure out. what defines a country's success. faceless figures of economic growth. or a factual standard of living. the best rules in life are to the point and at first the bowker all seem promising don't let banks gamble with customer money. but to no surprise it's much easier said than done now after three years and many many missed lines the vocal rule finally came to fruition last week now lobbyists activists and advocates from both sides are combing through the rule so who exactly are the winners and the losers joining me now alexis goldstein former v.p. of merrill lynch an occupy wall street activist and general know everything wall street. thank you for being here and now i want to start off
now coming up why law is the volcker verbiage venerated or vilified alexis goldstein joins us to help render a verdict after the break and who does amazon blame for stealing christmas can't it's not granted rachel curtis and i discussed the first first major strike against the mega retailer in today's big deal and as we had you a quick break here's a look at some of today's closing numbers figure out. what defines a country's success. faceless figures of economic growth. or a factual standard...
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will the volcker rule work? how is it going to work? >> it is only going to work out if there is constant vigilance on the part of regulators. there will be so much discretion to the five regulators charge of overseeing it. they have to be in the banks learning about their models and their best practices and how to distinguish what is huge bets and what is regular banking at david e. >> are there loopholes or legal challenges? >> i believe hundreds of lawyers are trying to figure that out as we speak. the door is open to loopholes. so rules are written vaguely. it depends on whether regulators try to close out this language and what kind of agreement can be found between regulators and the compliance offices within these banks on what these definitions on's regulative trading and hedging actually mean in practice. will be "less liquid markets, higher transaction costs, a weaker financial system, and richard lawyers." lawyers." >> that is a pretty dire protection. it could be worth it from a regulatory it. you do not know. my problem wit
will the volcker rule work? how is it going to work? >> it is only going to work out if there is constant vigilance on the part of regulators. there will be so much discretion to the five regulators charge of overseeing it. they have to be in the banks learning about their models and their best practices and how to distinguish what is huge bets and what is regular banking at david e. >> are there loopholes or legal challenges? >> i believe hundreds of lawyers are trying to...
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what is our fear of the volcker rule. >> our fear of a volcker rule -- cost ofker rule the imposing restrictions that we think will limit the potential for systemic risk will be higher than we expect. so the benefit cost analysis, toch is sort of, do too much prevent potential damage in the future and pay those costs now or don't do that and then run these risks. that is the trade-off we have. and the people who don't like the volcker rule, other than those that are self interested, the ones who say those restrictions are powerful enough to produce cost. within thely analysis, and the sophisticated analysis, title one and type two, what most of our viewers would say is, yes, but we are not in a vacuum of manhattan, we are not in the vacuum of vacuum of, not in the the united states. we are doing it in a complex global system. volcker rule the succeed if not in the united states? on the other hand, if it generally creates an increment to the stability of the financial markets that are so liquid and deep here, it may turn into a competitive advantage, tom. the 1930s,ngton of ben bernanke, our chai
what is our fear of the volcker rule. >> our fear of a volcker rule -- cost ofker rule the imposing restrictions that we think will limit the potential for systemic risk will be higher than we expect. so the benefit cost analysis, toch is sort of, do too much prevent potential damage in the future and pay those costs now or don't do that and then run these risks. that is the trade-off we have. and the people who don't like the volcker rule, other than those that are self interested, the...
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how did the volcker rule impact earnings? let's just say that not only will it not impact earnings beyond maybe a penny per share, as people in the structure set up to comply, and that's already been taken. the banks might see a major windfall to not necessarily their earnings, but to their price to earnings multiples on those earnings. i think this rule could send them up. maybe even dramatically as we saw from the nascent rally in the group that we got just today. why? because the single biggest valuation since the great recession is what happened to jp morgan with the london whale incident. it's a lack of insight incident that cost them about one-third of their value. investors decided this group itself is filled with unregulated gunslingers who aren't reigned in by anyone, because if the gun slingers make billions in proprietary trading, then the bonuses will be fabulous, and if they lose a ton of money, they still won't lose their jobs. they can just blame the direction of the market and the shareholders are the ones tha
how did the volcker rule impact earnings? let's just say that not only will it not impact earnings beyond maybe a penny per share, as people in the structure set up to comply, and that's already been taken. the banks might see a major windfall to not necessarily their earnings, but to their price to earnings multiples on those earnings. i think this rule could send them up. maybe even dramatically as we saw from the nascent rally in the group that we got just today. why? because the single...
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Dec 17, 2013
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that middle picture is supposed to be paul volcker. then there's alan greenspan, and the last one is your humble correspondent. bob mcteer, who is the best federal reserve chairman in the modern time? >> well, they brought different strengths. paul volcker really was courageous in staying with his policy that was very, very unpopular until it succeeded. of course, i love alan greenspan's wisdom. i spent all my 14 years on the committee with him as chairman. and ben bernanke has really surprised me with his creativity in dealing with unprecedented situations. but i guess my heart is with greenspan. >> yeah, i mean, i got to say, dan clifton, look, i worked for volcker once upon a time. stayed in touch throughout the years. i believe he's the greatest central banker. in fact, i believe he's the greatest central banker since the federal reserve was created in 1913 because he basically eliminated a 15% inflation rate which was destroying the economy and the financial markets and every other darn thing. and he did it against great political
that middle picture is supposed to be paul volcker. then there's alan greenspan, and the last one is your humble correspondent. bob mcteer, who is the best federal reserve chairman in the modern time? >> well, they brought different strengths. paul volcker really was courageous in staying with his policy that was very, very unpopular until it succeeded. of course, i love alan greenspan's wisdom. i spent all my 14 years on the committee with him as chairman. and ben bernanke has really...
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how about the so-called volcker rule, and will it protect you? coming up. >>> in a rare show of unity, eight of the nation's biggest tech companies have pushed limits. google, microsoft, apple, facebook, twitter, linked in, yahoo! and aol sent an open letter to congress, calling for reforms and restrictions on how the government collects data on internet users. they also want government agencies to be more transparent on what they're looking for. >>> well, some of the tech companies have seen their share prices soar this year, but not every company has been so foreig fortunate. we take a look at some of the stocks. >> reporter: dogs to darlings, when one of the biggest losers one year turn into rising stars the next. it is a trend that the portfolio managers watch closely. >> it is almost a wall street tradition but not one lightly taken, and especially in a year where you have seen significant out-performance by many stocks. >> it happened last year when bank of america more than doubled. one of the top gainers in the s&p 500. a year after it lo
how about the so-called volcker rule, and will it protect you? coming up. >>> in a rare show of unity, eight of the nation's biggest tech companies have pushed limits. google, microsoft, apple, facebook, twitter, linked in, yahoo! and aol sent an open letter to congress, calling for reforms and restrictions on how the government collects data on internet users. they also want government agencies to be more transparent on what they're looking for. >>> well, some of the tech...